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Determinants Of Share Price Movements In Emerging Equity Markets: Some Evidence From America's Past, Peter Z. Grossman
Determinants Of Share Price Movements In Emerging Equity Markets: Some Evidence From America's Past, Peter Z. Grossman
Scholarship and Professional Work - Business
Emerging equity markets are plagued by poor information, which is a barrier to outside shareholder participation. This paper examines the determinants of share prices of two United States companies over a 14-year period during the late 19th century, when America had an emerging equity market. These two companies withheld all information on profits and assets until the end of the period, yet traded regularly. Overall, the evidence suggests that outside investors received sufficient compensation for their ignorance, and that these outsiders set the market price. An event study shows that when information about company assets was revealed, market returns were …
Formalized Planning In Small Business: Increasing Strategic Choices, L. S. Baird, M. A. Lyles, J. Burdeane Orris
Formalized Planning In Small Business: Increasing Strategic Choices, L. S. Baird, M. A. Lyles, J. Burdeane Orris
Scholarship and Professional Work - Business
A study of 188 small businesses was conducted to examine three distinct relationships in the planning process planning formality in relation to strategic decision processes, planning formality in relation to the strategies adopted, and planning formality in relation to firm performance. The results demonstrated that firms with formal planning emphasized more aspects of the strategic choice process, adopted a wider range of competitive and cooperative strategies, and grew more rapidly than did non-formal planners.